After nearly a decade serving on the University of Massachusetts Board of Trustees Fall River businessman James Karam term is about to come to an end.

Gov. Deval Patrick announced Wednesday he has appointed Henry M. Thomas III as the board’s new chairman, effective Sunday. Karam has served as the chairman since September and previously served in the same position from August 2004 to August 2006. Karam has served on the board since 2002 when he was appointed by Gov. Jane Swift.

Karam will remain on the board until his term expires in February and will assist with the transition to Thomas’ chairmanship.

“It has been my great privilege to have served as Chairman of the University of Massachusetts Board of Trustees, and in doing so, to have had the opportunity to give back to the institution that shaped so many lives, including my own. This University is an essential part of the fabric of Massachusetts and will help to define its future by educating tens of thousands of our citizens every year and by conducting the research and producing the discoveries and breakthroughs that fuel the Commonwealth’s innovation economy,” Karam said in a statement. “I want to thank Governor Patrick for doing me the great honor of appointing me to the chairmanship of the Board of Trustees and for his many years of friendship. The Governor and I both have first-hand knowledge of how education transforms lives. Governor Patrick has been a staunch ally of the University and its mission of access, affordability and excellence. I look forward to working with him in the future as we pursue our shared goal of building a world-class public education system to serve this Commonwealth and its students for generations to come.”

During Karam’s board tenure he has overseen the search for and appointment of a new UMass president, three new campus chancellors and a new dean at the UMass School of Law.

In addition to those accomplishments, UMass President Robert Caret noted Karam’s commitment to making the UMass system “a better institution.”

“Over the course of two terms, Jim Karam has led our Board of Trustees with dedication and distinction. He has been an indispensable leader and his has been a singular voice. Jim has inspired us and has challenged us, and the University of Massachusetts is a much better institution because of his leadership and service,” Caret said. “Jim has served with the special passion of a graduate who attributes much of his life’s success to the opportunities that his alma mater provided him. I appreciate all that Jim Karam has done for the University of Massachusetts and look forward to many more years of close association with a friend, a colleague and a leader who has always put UMass and its students first.”